Estate of Late Vrajlal Mehta Vs ACIT (ITAT Mumbai)
We noticed that explanation of the assessee that two bank accounts belonged to Shri Rajesh Mehta have been accepted by the search officials as well as Assessing Officer. We notice that the balance available in those bank accounts have been assessed by the learned CIT(A) only, that too for want of certain documents. It has been submitted that the assessee is in process of obtaining those documents from Shri Rajesh Mehta. We noticed that the assessee has already paid a sum of Rs. 2 crores and further a sum of Rs. 85.84 lakhs requires adjustment. Under these set of facts, we are of the view that the balance of convenience is in favour of granting partial stay to the assessee. Accordingly we direct the assessee to pay a sum of Rs. 1.20 crores in quantum proceedings, which may be paid in two equal installments. The first installment shall be paid on or before 31st December, 2017 and the second installment shall be paid on or before 15th January, 2018. Since penalty demand is the result of enhancement, we are of the view that the same may be stayed fully. Accordingly, subject to the payment of above said instalments, we direct the Revenue not to enforce the collection of outstanding demand in the case of quantum appeal proceeding as well as in the penalty proceedings till the disposal of the appeals of the assessee or till six months from the date of this order, whichever period expires earlier. We also find merit in the plea of the assessee that both these appeals should be heard on out of turn basis. Accordingly we direct the Registry to post both these appeals for final hearing on 18.1.2018.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
The assessee has moved both these stay applications seeking stay of outstanding demand raised in quantum appeal proceedings and penalty proceedings. Both the stay applications relate to A.Y. 2007-08.
Learned AR submitted that the Revenue carried out search and seizure operation in the case of Shri Anoop Mehta and his group. During the course of search, certain documents showing availability of bank accounts with HSBC Bank, Geneva in the name of following concerns were shown to Shri Anoop Mehta:
